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HUD Makes More Than $20 Million Available to Community Housing Groups
Non-profit organizations have until June 14, 2021 to apply for U.S. Department of Housing and Urban Development grants to support fair housing testing, education, enforcement activities. According to the press release on May 3, 2021, there is over $20 million is available. There are three categories of grants being made available to non-profits, including: Education and Outreach…
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What LendingPatterns™ Can Show You About the New York Community Bank and Flagstar Merger
The announcement of the New York Community Bank and Flagstar merger on April 26, 2021 has me thinking about its impact on the industry as well as what lenders might learn by looking at the data behind the merger. The good news is that it is easy to create pseudo bank mergers using LendingPatterns™, ComplianceTech’s…
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ComplianceTech Announces the Availability of 2020 HMDA data in LendingPatterns™
The 2020 Modified LARs released by CFPB on March 31, 2021, are now available in LendingPatterns™. LendingPatterns™ is a web-based data mining and analytical tool that uses public and private Home Mortgage Disclosure Act (HMDA) data to analyze loan applications for every lender required to report HMDA data. The web-based tool now contains 16 years of…
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ComplianceTech selected as HousingWire 2021 HW Tech100 Mortgage Honoree
The 2021 HW Tech100 Mortgage winners have been officially announced and ComplianceTech has been selected as a 2021 HW Tech100 Mortgage winner! ComplianceTech provides a complete suite of web-based software to make fair and responsible lending easier. The company’s innovative suite of web-based solutions, including HMDA Ready, CRA Check, LendingPatterns, Fair Lending Magic, and…
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ComplianceTech and Tuscan Club University Present Fair Lending Training for Compliance Professionals
Hear from a former regulator and learn insights on how regulators examine your fair lending program. We will go through the life cycle of a loan. We will cover all of the fair lending risks along the way and what it means for your company. As a compliance and audit professional, you need to be…
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A Holistic View of Fair Lending: The Loan Lifecycle
We are pleased to post a blog written by a guest author. As a former examiner with the FDIC, Tory Haggerty has a lot to share and offers some practical advice on his view of fair lending monitoring and identifying hidden risks. He poses critical questions that every compliance officer should be able to answer. …
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November 10th Blog Post
Every year, thousands of financial institutions across the United States gather their HMDA data and submit it to the Consumer Financial Protection Bureau (CFPB) for its use to monitor community housing needs; to compile lending statistics; and to identify predatory lending practices. This means that the CFPB is constantly analyzing new trends in the financial sector, which…
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ComplianceTech will present at the CUNA Fair Lending eSchool in December
Dana Ginsburg from ComplianceTech will present at the CUNA Fair Lending eSchool on December 15, 2020. The topic of the webinar is “Using Data-Driven Analytical Tools for Fair Lending Assessments: Know Where Your Risk Is Learn the advantages of using web-based software tools to conduct self-assessments and prepare for fair lending exams.” Use this link…
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It’s All About Underwriting and Pricing Exceptions
One key component to any fair lending monitoring program is robust monitoring of underwriting and pricing exceptions. The Interagency Fair Lending Examinations Procedures indicate that institutions face increased fair lending risk if internal policies are vague with respect to the granting of exceptions. Written policies should be in place that explain the process for submitting, evaluating, approving,…
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Interesting Facts About the 2019 HMDA Data
The CFPB released the final 2019 National Snapshot HMDA data about three months earlier than last year, and ComplianceTech has refreshed LendingPatterns™ with the latest data. An initial review of the data reveals the following interesting facts. There were a total of 5,508 lenders who reported over 17.5 million mortgage LAR records. Of those records:…